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Guangdong Securities Co. ordered to close
Latest Updated by 2005-11-07 11:56:58
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State regulators said yesterday they've closed down Guangdong Securities Co for "severe irregularities."

The company is the 15th such firm to be shuttered by the China Securities Regulatory Commission since August 2004 - the start of a nationwide campaign to crack down on irregularities in the country's problem-plagued stocks sector.

Facing "extraordinary risks," Guangdong Securities is not capable of continuing business, said the CSRC, which canceled the company's operating license and ordered its closure.

The move was designed to maintain the stability of the securities market and protect the interests of investors and creditors, the regulator said.

The CSRC arranged for the new China Securities Investor Protection Fund to handle trusteeship and liquidation of the Guangdong firm.

Zhuang Xinyi, the regulator's vice-chairman, said last week that the CSRC plans to make China's securities firms financially sound and improve laws and regulations by the end of next year following a two-year effort to clean up the sector.

The campaign is part of China's larger program to create a sound environment for the securities market, which remains sluggish for the fourth consecutive year despite the country's rapid economic growth.

Many securities firms were found to be deep in the red due to heavy losses caused by unsound investments in the stock markets and mismanagement.

Editor: Yan

By: Source: China Daily Website
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